Elon Musk unveils the Model Y, Tesla’s first compact SUV

Elon Musk has unveiled the Model Y, promising that Tesla’s first mid-range SUV will be ‘bringing sexy back quite literally’.

After a rambling 30 minute presentation detailing Tesla’s history, including bringing out the Model S, 3, and X, Musk finally showed Model Y to the world.

More than 77,000 people watched just on the YouTube livestream as a blue SUV drove into the Tesla Design Studio in Hawthorne, California on Thursday night.

Musk revealed that the car can fit up to seven people and will released by fall 2020.

The Performance Model Y – which will have a 280 mile range and a 150 mph top speed – will come with a $60,000 price tag.

Elon Musk unveiled the Model Y, Tesla’s new mid-size SUV, during a presentation at Tesla’s design studio in Hawthorne, California on Thursday night

After a rambling 30 minute presentation detailing Tesla’s history, including bringing out the Model S, 3, and X, Musk finally made showed Model Y to the world

Also available that fall will be the Dual Motor AWD – with a 280 mile range and a 135 mph top speed – at $51,000 and the Long Range Model Y – with a 300 mile range – at $47,000.

The standard range Model Y, which comes with the lowest price tag at $39,000, will be available spring 2021.

As he ran through the details, Musk said that the Model Y will have the ‘functionality of an SUV but will ride like a sports car’.

‘This will be really tight on corners,’ he said. ‘And we expect it will be the safest midsize SUV in the world by far.’

Musk revealed that the car can fit up to seven people and will become available by fall 2020

Musk said the SUV was designed with ‘safety as the number one goal’ and that its ‘very low center of gravity’ will be ‘great for handling’.

The Model Y will also feature a panoramic glass roof, although it will not have the gullwing doors that were previously seen on the Model X.

Musk said that, as with Tesla’s other cars, the Model Y will also have the Autopilot feature and is expected to be self-driving.

‘It will be able to do basically anything by the end of the year,’ the billionaire CEO confidently said.

‘I’m confident that of any midsize SUV, it will be the one you want. And I think we will probably do more Model Y’s than S, X, and 3 combined,’ he added.

The performance Model Y – which will have a 280 mile range and a 150 mph top speed – will come with a $60,000 price tag

Musk said that, as with Tesla’s other cars, the Model Y will also have the Autopilot feature and is expected to be self-driving

‘So there you have the sexy presentation. We are bringing sexy back – quite literally.’

Musk had previously joked that after making the Model S and the Model X, he thought it would be ‘pretty funny if we had the model E’.

‘But then Ford threatened to sue us,’ he continued, referring to the fact that Ford already has an all-electric car dubbed ‘Model E’.

‘Ford killed sex,’ Musk quipped as the audience laughed with him, before explaining that he then decided to go with dubbing his next car the Model 3.

Musk revealed that the Model Y will share about 75 percent of its parts with the Model 3 sedans, which will help jump-start – and cheapen – the manufacturing process.

The Model Y will also feature a panoramic glass roof, although it will not have the gullwing doors that were previously seen on the Model X

Musk said the SUV was designed with ‘safety as the number one goal’ and that its ‘very low center of gravity’ will be ‘great for handling’

That news no doubt came as a relief to Musk, who has gone through a number of highly-publicized breakdowns surrounding the production of the Model 3.

The CEO joked to the crowd on Thursday night that 2018 was like ‘aging five years in one’.

But Musk seemed to be in good spirits during the presentation as he joked with the crowd and even confidently proclaimed that he believed Tesla ‘actually could’ drive a car on Mars in 10 years.

Musk hasn’t been holding back his confidence in the Model Y. Last month he revealed during an earnings call that he believes the demand for the new Tesla will be ’50 percent higher than Model 3′ and ‘could be even double’.

And the Model Y has no doubt been a bit of relief for Musk after a tumultuous week.

As he ran through the details, Musk said that the Model Y will have the ‘functionality of an SUV’ but ‘will ride like a sports car’

Musk seemed to be in good spirits during the presentation and even confidently proclaimed that he believed Tesla ‘actually could’ drive a car on Mars in 10 years

On Tuesday Musk announced that the company had made a mistake after it announced it would slash the prices of the Model S and Model X.

‘In retrospect, lower price shouldn’t have been offered,’ Musk said in a tweet.

‘Was done so because some simply couldn’t afford it. Prices revert to normal on Monday.’

Tesla is now making a major U-turn and will reinstate normal prices for its cars, aside from the base price Model 3.

This means that most of its vehicle prices will increase by about 3 percent.

News of price hikes came after Tesla backtracked on its plan to close all physical stores and shift its sales online in an effort to cut costs.

The Model Y has been no doubt been a bit of relief for Musk after a tumultuous week that saw Tesla walking back on both price drops and promises to shift all sales online